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of changes to domestic tax rates that we have been alluded to that are attractive for those russian companies in cyprus. in terms of the broader solution, whether it is just the changing of the terms of that 2.5 billion euro loan, an extension, another 5 billion which is sensibly would cover most of the money which would have been raised by the deposit tax. i'll put this forward. the more risk there is now associated with companies, countries, individuals holding money in cyprus, surely those companies and countries and individuals will not want to keep their money in cyprus and you're going to risk capital flight the minute those controls come off whether they are russian investors are global investors and more money that leaves the system, the larger the bailout has to be and there is the problem unluck unlocked eu proposal. >> thank you very much. appreciate your time. here's a look at what's happening in markets as we digest news flow. it's green behind me. this goes back to the point people are making when it comes to the crisis. despite the extraordinary nature, we're still looking at a
a constructive relationship with the venezuelaial government." it doesn't seem as if too much will change. after announcing the death, interim president maduro said he will expel a u.s. military official for meeting with military officers. >> translittranslator: you all the united states, the imperialist elite who look down on our people, have the objective of destroying the independence, democracy, and peaceful life of our country. they have decided to put in motion plans for the global destabilization of venezuelan society. >>> coming up on the show, we'll speak to one guest who believes there was already a risk of continued instability in venezuela even before news broke of chavez's death. we'll see whether the view has changed in around ten minutes. >>> we'll get a take on latin america as a whole, including what investment opportunities exist in brazil amid faltering economic growth. >>> plus, we'll be in hong kong for a few on whether new measures by beijing to curb the rampant property market will have a lasting impact. >>> and as london plays host at cable congress 2013, we'll have exclu
changes alone are simply not enough. ms. markel saying germany simply cannot accept a solution under which pension funds assets will be nationalized. >> kelly, this is down to the wide. this is a last ditch attempt, but we only have three days left to find a solution. back over to you. >> carolin, thanks very much for that. it is interesting because cyprus has reached this agreement with the troika. a, because that's what they would like and, b, russia is not going to give them the funds to otherwise raise the money that's needed. a cypriot spokesman has confirmed that the country's finance minister left moscow. steve sedgwick is calling in on the line from moscow. steve, russia is happy to stand pat while cyprus try toes come up with a solution. >> what we're going to get is an announcement from the european commission and the russian federation. this is looking at a whole host of longer term issue between the european union and is russia. the relationship needs a reboost after disagreements over syria, over trade, over the wto, over human rights and now, of course, most aggressively of c
altogether. now, speaking of which, as expected, no change in policy in the boj this time around. investors are looking forward to a new regime change at the central bank when a new chief comes on board. if all goes well, kuroda could be confirmed next week. many expect the central bank to release fresh moves. is this then the calm before the storm? we'll have analysis on just what the new governor has up his sleeve live at 10:20 cet. first, though, check on markets in asia. li sixuan joins us from asia. we just talked about the bank of japan. what was the market reaction? >> thank you the despite the dow racking up another record high, asian bourses were. the boj may be bracing for bolder actions under the new governor at its next meeting in april. the nikkei 225 rose briefly ending a fresh 4 1/2 year high and ended up 0.3%. olympus shares made solid gains today, up 5.5% after the nikkei business daily said the company ames to slash interest bearing dead with around $1 billion for the year. in china, investors remained cautious with key economic data out due out tomorrow and this weekend.
in the changes clients are looking for? >> i think there isn't much property around. so the fact that we've seen less people buying with bonuses hasn't affected the market. we're still seeing prices rise. >> what's the supply like? >> people are not selling, partly possibly because they're being cautious and staying in the market. people are staying put because they can't find somewhere else to go to. >> is it also because there has been an influx of investor buyers or long-term -- i mean, if long -- central london has become a safe haven for int international money, those people presumably stick it there and walk away, right? >> yes, i would agree with that. but lots of that money has got into property and the flats. let's say they're sort of working finance family looking for. they're looking for family homes and, you know, in these areas and where are they going to find themselves having to move out of villages or further out and further out or we certainly are after town. and given how prices are going to go, by the end of the year, they'll probably be about 10% ahead of the peak in prime ce
on the rand to the dollar. >> last question, has there been any change in correlation between the emerging markets doing well because they're tied to rash ya and china relative to the u.s.? meaning who is the strong -- who is powering the global economy at this point? >> china is still the most significant. i think the one thing which is getting missed on the chinese slowdown is if it slows to 7 1/2 this year, it's going to be a bigger gdp lift in 2013 than in 2012 even if the headline growth number is slower. it's still china, which is playing a massive role. >> and still russia, which has some interesting times ahead, we shall say, but you like the story? >> we're bullish on russia and bullish on africa. >> we'll leave it there. charles robinson joining us, chief economist. thank you very much. >>> we'll be hearing from one of russia's most powerful men in an exclusive interview today. that's coming up on closing bell. make sure you tune in from about 1700 cet. >>> still ahead on "worldwide exchange," well, europe's periphery be granted wiggle room when it comes to meeting deficit target
're continuing to follow the latest out of cypress on this story. it's fast moving. details keep changing. the cypriot government says the country's parliament is unlikely to pass legislation which would impose a tax on bank deposits. lawmakers are set to meet and vote on the levy which has been set on a condition of the eu bailout. meanwhi meanwhile, the german finance minister has rushed to the defense of a highly unpopular tax. the move was necessary to keep cyprus from sharing in the burden of a eu bailout. and uncertainty over the outcome of the vote in nicosia continues to weigh on markets. cyprus said its stock exchange will trading until thursday. cypriot banks have been placed on negative watch. carolin roth is reporting now for us. the latest we're hearing is that the vote may not happen today. what can you tell us? >> absolutely. there are a lot of moving parts still, kelly. this is a very fluid situation. the vote is scheduled to happen at 6:00 p.m. local time. there has been no official cancellation on part of the government. but, again, a government spokesperson at the same
to change the structure, this investment program. the key is that contributions amount to 578 billion euros and cypriot banks have access to liquidity. is it the case that come tuesday, post this bank holiday, that the ecb was basically going to close the door and say, sorry, no more liquidity, no more temporary emergency assistance after this date? >> the ecb remains there and the back stop will be there. if you look at that in reverse, there is obviously a threat. the question is whether if the vote doesn't go through, whether the ecb will turn around and said now we're going to turn off the liquidity taps and the ela. that's one of the things that cypress has to battle with right now. it's most definitely a question. but, of course, what you were talking about there, the suggestion we got from brussels on saturday morning was that the troika officials were happy, irrespective of how those levies were implemented as long as they got that 5.8 billion euros out of it. so it was the cypriots themselves allegedly that were trying to keep that high, the levy below 10%, 9.9%. and is then, of co
is not easy. they have different dimensions, different characteristics, circumstances change. i think this is a good deal. it addresses the issues more fundamentally and decisively and creates the prospect for a better future. >> that relationship is effectively over? >> no. i don't think it's over. in fact, i was just in russia and there were as many people who said we have been with you through good times and we're going to stay with you through bad times. and there have been others, of course, who said we are disappointed and maybe we look somewhere else. but, you know, we have very deep relation relations. russian people and middle class people that use cyprus because of the rule of law, common law, the double tax treaties we have. it's a mistake to think that it is a very special class, of very rich people. these russians have their lawyers, their accountants, many of them have their families living in cyprus. they have their friends. we have a relationship that can with stand a shock like this. >> bearing that in mind, are the banks going to open on tuesday morning? >> i cannot
on the website, cnbc.com. >> change na's february trade figures have caught the markets by stries. on the other hand, imports were down much more than expected, a 15% year on year drop. that was about twice as much as expected. the results was a trade surplus of $15 billion for february. still, economyists are cautioning against reading too much into the data as it's skewed by the timing of the lunar new year holiday. we'll get more china figures tomorrow. inflation and retail sales and industry output on task. if you thought you would have a quiet weekend, forget about it. you have to go through those figures. meanwhile, a ray of home for the japanese economy as it bounced back from its third recession in a decade. it grew 0.2% in the fourth quarter. but it's not all good news. data also showed a shortfall in japan's current account for the third straight month. that's the country's trade balance worsened. partly the result of a weaker yen, which drives up the cost of on japan's energy imports. let's get a check to how markets have reacted. li sixuan joins us from singapore. >> thank you, kell
changed after results and what it says today? >> nothing has changed. this is a company which has revolutionized clothing retail. model is strong. big competitive advantage which gets bigger with very high barriers to entry. within the last three years we have seen growth 20%. going forward it will be 15%. that's understandable considering the kind of base of comparison becomes bigger and bigger. 6% is above their own long-term projections. that level of growth was going to be unsustainable over the longer term. that said, you are still looking at a solid growth of 15% earnings for the next few years. >> you talked about retail becoming polarized and there have been -- it matters greatly whose horse you have been on. if you had bought and sold in the last couple years you would have done great. is it time for rotation? h & m has come forward with the line in london that's more upscale. new line and other stores they are launched. massive investment. are they starting to get it? any reason why them being cheaper and underperformed investors may want to rotate? >> a lot of reasons f
falling, it has basically stood pat and i wonder if this doesn't begin to change sentiment around it coming out and starting to cut rates further. >> well, they did say they would do whatever it took to ensure thor row zone and the euro was secure. in which case, maybe it's time for them to make good on that promise. >> one final point before we talk china with regard to this data. do you get a sense of what's driving the weakness here? is it just fundamentally there's no demand, this is a weak economy and we're in this negative spiral? >> there's no command on the back of data and shows that business optimism in the eurozone is also pretty weak. but yes, we listen to demand. eurozone country trade with each other. if they're all doing pretty weak, that will have a knock on effect across the region. periphery outside of the big two economies down to an acceleration and even germany slowing and with the manufacturing sector unexpectedly contracting. >> we have people saying maybe by tend of the year, spain or greece or maybe some of these harder hit peripheral economies not seeing
at the speed of hertz. a new ride comes along and changes everything. the powerful gs. get great values on your favorite lexus models during the command performance sales event. this is the pursuit of perfection. >>> all right. just ahead of the u.s. open, this is where futures currently stand. right now we are called higher. the dow currently up some 40 points. the fass dak is up, what, about 11 points and the s&p 500 is currently up nearly 5 points. 134 of the other stories we're following today, earnings from galaxy entertainment hit the jackpot. its net profits more than doubled to a record $950 million in 2012 thanks to its latest flagship resort which opened two years ago. galaxy is the second biggest gambling company in macau. its shares underperformed the broader hong kong market. analysts say the stock has little upside in a 5% run up in the last week. chinese container terminal giant costco pacific unloaded a 12% drop in its annual profit, net 2012 earnings flipped to $242 million despite a 23% rise in sales. the reason? it earned far less from its major stake in the world's big evide
's a growing idea that when we get the change of leadership at the bank of england and maybe related to that we're going to get some reformulation of the monetary framework away from strict inflation targeting to maybe bringing in some nominal gdp targing or allowing some overshoot to compensate for previous periods when there was undershoot. so these sort of concerns that the whole discipline is going to be loosening even further. that's a concern. >> are they going to come out with sort of a fed statement, you know, don't worry, rates will stay low for two years? is it going to go down that? >> maybe not so -- pretty well on that route, anyway. i think the other background factor here is that the bank of canada president is coming in to run the bank of england, we know now that canada has been very much a bubble economy which is already beginning to burst. and that's one of the features in today's market, that the dollar is weak and we're getting weak economic data. so we're coming in with a record of being the bubble president. >> brendan, good to see you. thanks so much indeed for joining u
and changes everything. the powerful gs. get great values on your favorite lexus models during the command performance sales event. this is the pursuit of perfection. >>> you're watching "worldwide exchange" and these are your headlines. cyprus readies capital controls as its banks prepare to reopen tomorrow. the bank of england will tell uk banks just how much capital they need to be deemed healthy, that in less than 20 minutes time. >>> and brics' leaders agree to create a $100 billion contingency fund, perhaps aimed at rivaling the ims. >>> the philippines secured its first investment-grade rating from fitch. we'll speak to the country's finance minister on the likely impact on growth and investment. and indonesian shares hit all-time record highs today. why? stay tuned to find out who the man is with such an influence on the market, when we come back. ♪ ♪ [ male announcer ] help brazil reduce its overall reliance on foreign imports with the launch of the country's largest petrochemical operation. ♪ when emerson takes up the challenge, "it's never been done before" simply becomes
bank of australia kept rates down. the aussie the priced in a slim change. that is where we are right now in this european trade. let's recap what happened in asia today. sixuan joins us for the first time today. hi, sixuan. >> thank you, ross. asian markets reclaimed some of yesterday's loss round ending in the green. the shanghai composite rebounded from a two-month low. banking shares made of combat as striking fears began to ease. this after outgoing premier wen jiabao said china will increase its fiscalpending to keep growth at 7%. she could then gain 11.5% after the lender which is controlled by hsbc holdings reported a better than expected 15% rise in its 2012 profits. in japan, the reflationary xwraut further momentum as the leadership gets under way at theback of japan. the nikkei end dollars modest. unipost posteded a nearly 10% year on year jump and domestic sales elsewhere last month. south korean chipmakers helped the kospi in the green, but only marginally. in aus trail yab asx's 200 finished stronger by a 3% with banks and retailers leading the rally following retail an
-hour show for the next three weeks because of a troublesome time change in the u.s. which means that we'll do our best to bring you all the news in this tight space. the fourth quarter figures for italy's gdp is just out. contraction of 0.9% on the quarter. that was roughly what was forecast, leaving the year on year levels slightly weaker at minus 2.8% versus minus 2.7% preliminarily. not a pretty set of figures for italy. contraction almost 11%. nevertheless, it is pretty much as expected. you can see not a major move in the euro/dollar there. hans rhettiker pointing out it should be 1.50 for italy. italy's five-star movement says it is ready to leave a government, but the anti-establishment group headed by comedian beppe grillo has once reiterated it is not willing to accept a coalition with another party unless it's willing to accept the 20-point plan. georgia nepolitano is ready to begin forming a coalition and meets with the party leaders next week. yes, the ides of march. ross westgate caught of with victoro glil grillo and asked him if a government would, in fact, be formed soon
. i'm jim cramer, i will see you tomorrow. >>> welcome to "worldwide exchange." a change in tone in brussels, european leaders are giving countries more room to make budget decisions. italy's parliament convenes today for its first time since its inconclusive elections. >>> and china's parliament approves li xichan as vice president as economic growth slows. >>> plus, the fed signs off on most but not all of the capital banks saying some still have work to do. >> announcer: you're watching "worldwide exchange," bringing you business news from around the globe. >>> ten straight for the dow, can it be 11? it's already been a historic rally here. if you take fair value into account, we are looking for a slightly negative open. the s&p 500 just shy potentially of those record nominal highs. european markets in the session today, take a look at what's been happening. the ftse mib up fractionally in italy. otherwise, we've seen the ibex lower, the xetra dax, the ftse 100 lower, too. the pause after the rally we've seen is certainly the case in europe today. now take a look at the bond
] just when you thought you had experienced performance a new ride comes along and changes everything. the powerful gs. get great values on your favorite lexus models during the command performance sales event. this is the pursuit of perfection. departure. hertz gold plus rewards also offers ereturn-- our fastest way to return your car. just note your mileage and zap ! you're outta there ! we'll e-mail your receipt in a flash, too. it's just another way you'll be traveling at the speed of hertz. >> announcer: you're watching "worldwide exchange." >> you are watching "worldwide exchange" and these are your headlines. the clock ticking towards the reopening of cypriot bank. depositors are subject to strict capital controls. the dow looks to be on track for its best quarterly performance in 15 years. >>> and blackberry under the microscope today as investors hope the new z10 smartphone helped spur the company's turn around. >>> now a couple of stories in asia we're following for you this morning. south korea has cut its growth forecast for the second time in three months. in announcing i
, kelly. the future with energy policy could be about to change as the resource poor country embarks on a new drilling program. the government said their company has taken out large amounts of methane, which is a key component of natural soils. so it's a promises can cte as a new generation energy source. japan has been struggling to deal with energy short aemgs and increasing costs after fukushima nuclear crisis three years ago. japan will try to create meth yan hydrate policy by 2013 and start production during 2016. >>> coming up, john paulson may be thinking about trading in his manhattan dogs and the future. zap technology. arrival. with hertz gold plus rewards, you skip the counters, the lines, and the paperwork. zap. it's our fastest and easiest way to get you into your car. it's just another way you'll be traveling at the speed of hertz. all stations come over to mithis is for real this time. step seven point two one two. verify and lock. command is locked. five seconds. three, two, one. standing by for capture. the most innovative software on the planet... dragon is captured
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